Answered

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Question # 2
Multiple Choice
The legal form of business ownership that is owned by one person is called a
0
limited liability company
sole proprietorship
partnership
O corporation

Sagot :

GinnyAnswer

Final answer:

A sole proprietorship is a business owned by one person, responsible for all profits and losses, with simplicity in management but without limited liability protection.


Explanation:

A sole proprietorship is a business owned and run by one person. The owner is responsible for all profits and losses. For example, a local bakery owned by an individual is a sole proprietorship.

A sole proprietorship offers simplicity in terms of management and decision-making to the owner, who retains all profits generated by the business but also bears all risks and liabilities.

In contrast to a limited liability company or a corporation, a sole proprietorship does not provide the owner with limited liability protection against business debts and losses.


Learn more about Business ownership forms here:

https://brainly.com/question/42093489


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